the global assured destruction or how ben bernanke now holds the entire world hostage the one headline we have been waiting for for over four years has just hit bank of korea kim says world may face rate risk if u.s. exits from q e not when if and there you have it if the fed exits the world and most certainly japan gets it that's for the sake of the children who will have to inherit about one hundred trillion dollars in debt but don't worry debt is an asset some analysts will promise bernanke he can never exit q e d so yes ben bernanke is the biggest crack baby of all. who has holding. the world is being held hostage by quantitative easing in such quantities that the dollar is being devalued in a way that forces other countries to devalue or give up their export markets and sense all these countries survive and export markets to america to america's crack babies to the people in america who spend ninety percent of their income on buying junk from asia on borrowed money that's financed by crack baby number one ben bernanke so now the rest of world's like them to the fact that there is

well, a lot happening today, an ben bernanke is the reason for it. nced off. saying an exit well that will b easy. coming up. dennis: i get that feeling that tapering will be the board of the month. more blessings. ed. lou dobbs on the scandal unfolding on capitol hill. ♪ ♪ cheryl: so the fed will keep printing, the stock market is jumping, and irs officials are not telling. that sums it up. ben bernanke dissing billing to -- signalling that now is not the time for that accommodative policy. melissa: the dow jumping to another record high, although a you can see, we are off of the highs of the session. lori: more questions than answers. invoking the fifth amendment. insisting she has done nothing wrong. melissa: less talk more about these markets. these are exciting times. that said to the floor of the new york stock exchange with nicole petallides. stocks holding on to big gains. >> reporter: off of earlier highs of the day, but seeing bi gains. the dow jones industrial averag sitting at 14,000 -- i'm sorry, 15,488. our highest point was 15,542. stil

so yeah ben bernanke is the biggest crack baby of all. who has holding. the world is being held hostage by quantitative easing in such quantities that the dollar is being devalued in a way that forces other countries to devalue or give up their export markets and sense all these countries survive and export markets to america to america's crack babies to the people in america who spend ninety percent of their income on buying junk from asia on borrowed money that's financed by a crack baby number one ben bernanke so now the rest of world's like them to the fact that there is no escape there's no unwinding there's no turning back they're going down a suicide hole is the focus shima federal reserve policy of just letting all thing a rip now ok that crack babies the original crack baby was based on a study of only thirty four babies and that turned out not to be right so here ben bernanke he is basing his debt crack theory on thirty four guys on wall street he gives money to them keypress money and gives it to them he buys eighty five billion dollars in asse

so you have ben bernanke the biggest crack baby of off who has. the world is being held hostage by quantitative easing in such quantities that the dollar is being devalued in a way that forces other countries to devalue or give up their export markets and since all these countries. export markets to america to america's crack babies to the people in america who spend ninety percent of their income on buying junk from asia on borrowed money that's financed by crack baby number one ben bernanke so now the rest of world's like them to the fact that there is no escape there's no unwinding there's no turning back they're going down a suicide hole there's a focus shima federal reserve policy of just letting all thing a rip now ok that crack babies the original crack baby was based on a study of only thirty four babies and that turned out not to be right. so here ben bernanke he is basing his debt crack theory on thirty four guys on wall street he gives money to them keypress money gives it to them he buys eighty five billion dollars in assets from from

the global assured destruction or how ben bernanke now holds the entire world hostage the one headline we have been waiting for for over four years has just hit bank of korea kim says world may face rate risk if u.s. exits from q e not when if and there you have it if the fed exits the world and most certainly japan gets it that's for the sake of the children who will have to inherit about one hundred trillion dollars in debt but don't worry debt is an asset some analysts will promise bernanke he can never exit q e d so you have ben bernanke the biggest crack baby of all who has hold it as a player the world is being held hostage by quantitative easing in such quantities that the dollar is being devalued in a way that forces other countries to devalue or give up their export markets and since all these countries. export markets to america to america's crack babies so the people in america who spend ninety percent of their income on buying junk from asia on borrowed money that's financed by crack baby number one ben bernanke so now the rest of world is like them to the fact that there i

too much of ernie said is questioning ben bernanke.n eye on the markets as well. >> a reasonable fed, and many colleagues might not know of this, members, institutionals themselves, as we theaters are appointed by the financial institutions and three come from appointments by the fed. we have absurd situations where jamie dimon, ceo of the largest financial institution on america on the new york fed to regulate wall street, the fox guarding the hen house. i will reintroduce legislation to end and absurdity of six of

david: nord according to ben bernanke. not according to ben bernanke. he can regulate it fine without a big shock. do you agree that he can? >> well, i think, no, i don't agree. i think they're a little bit excessively confident about that but yet there was another piece of news that i thought was really interesting that people haven't remarked possible. it goes back to what we saw in the previous segment. there are two things that scare markets. one is that the quantitative easing will stop and all of sudden demand for mortgage-backed securities will drop a lot and that will have an effect on prices. the other thing they're holding trillions of dollars of assets. if they start to sell those things that will have a second effect on prices. bernanke clearly i think was beginning to set the stage for the end of quantitative easing today because he more or less promised not to sell the assets they already have. which should make it so that the sort of panic that you see in mortgage markets when the fed stops buying would be muted by at least the reassuranc

i think that's in large part thanks to the work of the federal reserve under ben bernanke. at the same time, history is going to judge. whether bernanke or his successor unwind this massive intervention they have done to try to prop up the economy, that's going to be the ultimate test whether history views ben bernanke favorably or not? >> do you think he wants another term? and if he doesn't, who is going secede him? >> i think he doesn't. that said, there is some candidates out there that are really ready to take the reins there is janet yellin, the vice chair. she is who gets most often talked about as a leading candidate. some others are less widely talked about, roger ferguson, larry summers has the resume for it but is a polarizing figure. i think president obama will have plenty of options as he starts to weigh this decision in the months ahead. >> it does sound like janet yellin is the front-runner from the people we've been hearing from. tell me, do you think when it does come time for the federal reserve to pull the stimulus out of the economy, and let's say she is

federal reserve chief ben bernanke testified on capitol hill today, and investors spent the everyone tire day trying to figure out exactly what his statements mean for the future of interest rates, the central banks bond purchase program and stock and bond prices. couple bernanke's testimony with the fed's last policy setting meeting, and you have a wild day on wall street. the dow and the s&p 500 zoomed to record highs in the morning, and at one point the dow was up 150. then after the release of those fed minutes at 2:00 p.m., it hit session lows off more than 100 points on speculation the fed could cut back on its bond buying as soon as next month. at the end of the day, the dow lost 80 in its biggest point reversal since 2008. the s&p 500 fell 14 and the nasdaq nearly 39. two reports tonight looking at bernanke's testimony and the markets. we begin with steve liesman. >> it was a day of confusion and comments. investors concluded the fed will be providing less help for the economy than it previously thought. the market rallied when he suggested the fed would not change policy. >>

say well it's the roosevelt like stick to it of ness is really again duplicity on the part of ben bernanke he picks a policy i mean this is classic. duplicity on the part of wall street or what people call selective amnesia where he'll remember certain things if it supports his current theory but they'll forget everything else that doesn't support his current theory that could change at any minute so anyway they're praising the sacred meat. i need to is up seventy percent since the was elected in december so it's up it's up it's up now of course the yen was at seventy seven to the dollar back in november it's now at one hundred and one hundred two to the dollar so it's crashed by thirty two percent so accounted for half of the rise in the nikkei but of course the slate authors do not mention the whole situation with the japanese government bonds which are limited down almost every single day but the japanese bond market is fukushima so you have japanese bond market like atomic reactors melting melting down so you have doubled so the cost of funding this growth in japan has been artificiall

>> the thing with ben bernanke there were two things today.ht. >> the statement from ben bernanke sent the dow up 153 points. ashley: right. >>ing they had to get out of him what exactly is the scenario from here on out, most empress sieve came from kevin brady, no, we may actually start to ease or rollout in the next few meetings. wall street is open 2014 which is out of the realm. the big debate on the street coming into the week would it be third quarter, fourth quarter, best case scenario next year. next year is obviously off the table. first thing i when i saw these minutes, i'm saying this is the beginning of ben bernanke's arab spring. he can't control them. there are some people say we want more. some people saying too much. stop now, means the truth, he can't control them anymore. these guys are herding mad, angry cats and their voice is being here if not by ben bernanke but by the stock market. lori: having said that is there anything to do from here? do you just let it go? >> i just find anyone who might have bought into this stock

. >> let's get more on what ben bernanke said today. bruce, thanks for coming on. is such a critical time whether you're an investor, borrower or saver, everybody's trying to gauge what's going to happen next for interest rates. let's start with mortgage rates, like the 30 year is now three and a quarter percent. once the fed starts withdrawing the stimulus, where are those rates going to go? >> i think they're going to goo up, i think, though, we need to be clear that the rates will go up, because the fed is responding to a stronger economy. so what ben bernanke is telling us is that if the economy continues to strengthen, sometime later this year, he could begin tapering purchases. our forecast is, that happens in the fourth quarter and the 10-year yield goes up. >> if you're in the market to buy a home, this is the time to get moving and to buy something before the end of the year and lock in the lower rates? >> i think we should look at the long picture here. this is an economy which has plenty of room to run, it's improving, it should continue to improve. cert

are we better off today because of ben bernanke's actions. log on to faceboo facebook.com/afterthebell. we'll read some of your answers a little later this hour. ♪ [ male announcer ] at his current pace, bob will retire when he's 153, which would be fine if bob were a vampire. but he's not. ♪ he's an architect with two kids and a mortgage. luckily, he found someone who gave him a fresh perspective on hisortfolio. and with some planning and effort, hopefully bob can retire at a more appropriate age. it's not rocket science. it's just common sense. from td ameritrade. it's just common sense. a brand new start. your chance to rise and shine. with centurylink as your trusted technology partner, you can do just that. with our visionary cloud infrastructure, global badband network and custom communications solutions, your business is more reliable - secure - agile. and with responsive, dedicated support, we help you shine every day of the week. lori: following disappointing second-quarter earnings, tyson foods is on the -- lauren simonetti on floor

i think there's no chance ahead of ben bernanke stepping down or unemployment getting anywhere closethat 6.5%. so i think we're going to have this qe for quite some time now. >> by the way, the author of that article was john hilsenrath, you don't want to miss him because he's been collecting string on this story all through the weekend. he has new information he's going to share with you. let me just ask you, we talk about the fed's exit, what about bernanke's exit? his second term up pretty soon. he's already announced, by the way, very interestingly he is not going to that woods hole conference in august that the fed has every year. is that spooking the market a little bit, the fed without bernanke? >> well, a lot of people are talking about. i mean, people are attempting that yellen will end up coming in later on. and so what i'm really surprised is that you're not seeing any kind of action like the gold market, the silver market. those have been really dead assets x those are when you have uncertainty surrounding quantitative easing and monetary policy, seems like traders start

wh what ben bernanke said that sent fear across the world and does it really matter? >>> corporate america under the gun and two high profile ceos under the microscope by congress and shareholders. >>> and my conversation with newly minted mbas. their prospects, their ideas and their dreams. in ten years, where does everybody see themselves? "on the money" begins right now. >> this is america's number one financial news program, "on the money." now maria bartiromo. >> here is a look at what is making news as we head into new week "on the money." mixed messages from the federal reserve this week. it left the markets dazed and confused. federal reserve chairman ben bernanke testified before congress and said that the fed could slow down its pace of $85 billion in monthly bond purchases if the economy picks up. >> if we see continued improvement and we have confidence that that is going to be sustained, then we could in the next few meetings, we could take a step down in our pace of purchases. >> then simply, the federal reserve's open market committee released its state

it is proof that the policies of the chairman central planner ben bernanke e-r.are good well this is tautological reasoning the fed is buying the bonds but if you look at the rate at which the federal reserve has been buying treasuries over the past couple of years they've they've been absorbing essentially half of all the issuance into their own balance sheet but it looks like the stock market to paul krugman says this is proof that this is a good idea indeed he does but you can't you have to be consistent and what i would say what i would say to paul krugman is you can't on the one hand say all the bond markets tells you everything is following yields are low expectations for inflation are therefore obviously low so let's not worry about it let's really goose the economy and get it going in proper keynesian terms but you can't say that on the one hand then on the other hand say oh yes by the way yes the fed buying bonds but that's not relevant the fed setting long term rates but that's not relevant you can't ignore the market manipulation on the one hand and th

obviously, big ben bernanke has had the impact around the world.r in that sense. but the fed has always been in that case and we're starting to get an understanding where we now have several members talking about tapering as early as june meeting. again, look for a stock market correction, but have your buy list ready. >> again, are you seeing any new money coming to this market, or is this just a reaarranging of the deck chairs? >> this is fast money trading. and those people who have decided to make the allocations in their 401(k) on a monthly basis, you'll see that in the first days of the month and that's probably not bad time to lack at it again. >> i'm going to head back for the next hour. hewitt packard earnings coming out. good to see you. and the alliance of floor bro r brokebroke brokers ringing the closing bell. >> hewlett-packard are expecting 81 cent a share a profit on revenue of $21.01 billion. that could set the tone for tomorrow. that's been the best-performing dow component this year. >> absolutely, great performer, especially whe

federal reserve bank under ben bernanke has been doing is buying up assets at full face value from the banks in order to make the banking system and the economy look better because and this is what we keep on being told actually by the fed is that we're making so much money on the assets we've bought you know i'll give you another metaphor here is the portion of dorian gray so the stock market's hitting new all time highs but the economy's up in the attic and is aging quite rapidly and starting to look like junk strongly quite. you see but they're all the cosmetics of the high frequency fraud and the accounting fraud and the purchases of one's own stock and the hedge fund managers battling over pyramid schemes makes it look like for at least a day more that the economy is that sickly old decrepit in dead into all such time as if there's a reconciliation and then you have another big crash now finally regarding this art market story of the british collector frank cohen just back from new york says the contemporary art market is like the stock market it's about finance the art is there b

he has seen ben bernanke's speech. he knows of them will say. here is peter barnes.dlines? >> reporter: height. we have, unfortunately, about ten seconds here. stuart: all right. we are here. you have to wait just a few seconds. embargoed until such and such a time. go. >> reporter: there is nothing in here on the economy and not much -- no decision of quantitative easing or easier monetary policy. this is speech focused mainly on monitoring financial systems. however, we could get some news on the first of all things. thank-you. stuart: thank you so much. so nothing on the economy, nothing about printing money, but that is just a speech. that will take about a half-hour. he is about to start the delivery. nothing does do with the economy at all. just financial regulation. however, and about 20 minutes to start answering questions. the combat that every question will be geared toward when will you start printing or how much more are you going to print. i know that mr. bernanke is about to take the podium. when he is finished speaking he will take it to monday, and we

the nikkei down 7%, spooked by what it heard from ben bernanke.red arrows in europe this morning as well. we saw markets down by much more than they are now. ftse is down less than 2%. the dax is down 2.5%. red arrows not nearly as bad as it was earlier. >> joining us to share his views on this hot topic, wisconsin senator ron johnson. they heard testimony from tim cook earlier this week. i watched you and portman that day, senator. i guess i didn't see the early stuff. i didn't see the opponents of doing something with it. but i thought that it almost looked to me like because it was tim cook and because it was apple, a company everyone admires for innovation and everyone else, if it were exxon and you said exxon didn't pay taxes, i'm not sure it would have been the same way. i think the worm is turning. people realize it's time to do something. am i wrong? >> good morning, guys. no. i think he did a real good job explaining what their benefit is to the world economy. apple is basically responsible for 600,000 jobs. and that was a point that was

turn from all beat choose sour as traders wait in the latest comments of the fed reserve chairman ben bernanke speaking to the congress he said

could be another three or four months down the road and they're waiting to see what fed chairman ben bernanke has to say on the hill today, as well. we're continuing to watch whether or not gold prices can get to that 1400 level. technically that will be a key level to reach, but we have seen a lot of bargain hunters coming in in the last day or so and as open interest, perhaps that creates a more bullish sentiment in the marketplace. in terms of oil prices, oil's down right now. we did get a report from the american petroleum, and that was unexpected. most analysts were expecting a decline and we're awaiting the word from the energy department at 10:30 a.m. eastern time about the weekly supply data. that will certainly have a factor in the oil price direction and we'll be also waiting to see what happens with the cushing oklahoma oil

federal reserve chairman ben bernanke hinted as much to congreess last week. but what will potential new fed policy look like, and how will it impact you? just ben bernanke's suggestion that the federal reserve could cut back on its bond buying in "the next few meetings" sent markets moving. "we are in unchartered territory. we've never seen this unprecedented buying program. as far as its impact on the market, it's going to be hard to predict." doug rothschild says "tapering" is now the watch word. each month, the fed pumps cash into the economy by buying up $85 billion in treasury and mortgage bonds. they're now signaling that the flow will continue, just not at the same rate. "we see them tapering in september, but that doesn't mean that they're not expanding their balance sheet, they're just not expanding it at the rate at which they are currently." an improving jobs picture, a more active housing market and a climb in equity prices are all signs that has the fed considering this slow policy shift. "the fed is not leading the economy, they are there respon

fed chairman ben bernanke delivers his latest assessment of the u.s.g for any clues of a shift in fed policy. >>> bank of japan governor haruhiko kuroda promises to watch out for jgb moves and stay flexible in response, this after keeping policy unchanged. >>> sony's ceo won't give his own opinion but says the board will assess dan loeb's plan for a partial entertainment spinoff. >>> and cracking down on tax avoidance is top of the agenda at an eu leaders summit in brussels. the president of the european parliament, martin schulz, has told cnbc that the current system does need to be fixed. >> let's stop the debate about morality and ethics, let's reform the system to bring back more solidarity, and by more solidarity, more coherence to the society. >>> right now, let's talk about mr. bernanke and capitol hill, testifying before the joint economic committee at 10:00 eastern. he is expected to maintain a dovish tone, dispelling notions that the fed is ready to cut back on its easy money policy. committee chairman kevin brady tells us he plans to ask ber

ben bernanke was a voting member. >> bern bernanke wasn't on.came out later. >> 2002 to 2005. >> let's talk about the current six. >> i want to talk about the last one because the costs were not visible for five years, larry. >> i don't think they did well on. why would you believe them? that's the psych logical issue is why would you believe them this time when last time they failed. >> the marks are telling me differently. >> the marks are telling you differently in 2006 and 2007. >> i beck your pardon, gold was skyrocketing the dollar was collapseing book then. that was such an important signal that something was very wrong. what's changed my mind in recent months about bernanke is not just the money supply, which is low. but gold has fallen big time and the dollar is rising. and those market price indicators would not be behaving sobell well so well if a catastrophe or end of the world scenario was in front of us. markets are endorsing bernanke. >> they cut rates in the last scenario in 2001. everything did well until 2007. so the lag betwee

there doesn't appear to be pressure on ben bernanke except the pressure trying to figure out how to extricatees from what the fed has been doing, okay? >> there are several pressure points for bernanke. first we talked about some doves that are moving towards pulling back on the program but interestingly there are a number of hawks at the fed, people who don't like these programs who have changed their positions too. minneapolis fred president, became the uber dove who wants to do more. so you're seeing a lot of crosscurrents there. i think the other thing that takes pressure off bernanke, we got it today, new inflation numbers came out, really, really soft. the fed wants 2% inflation. the latest numbers that came out are 1% or even lower. in that respect there is not a lot of urgency for them. david: even hawks like richard fisher says we don't want to follow wild turkey with cold turkey. even he is for a moderated pull-down. >> yeah. david: if there is a pullback from what the fed is doing, if they stop buying these bond what happens if the bond buyers don't show up in the market? that is,

>> more overt statements from ben bernanke.inted at it. >> neil: he has been hinting a lot. >> you need the market to be more -- lisp, what -- listen here. watch this guy. make a decision -- >> neil: the linchpin. >> keep watching. northeasterly neil -- >> neil: when we come back, china hacking our computers. now the guy who is urging the president to hack them back. john huntsman, jr., tonight on fbn. you don't get it? -- told the president his healthcare law was the wrong cure. the irs scandal proving the doctor is right? - why are twice as many people choosing verizon over any other carrier? many choose us because we have the largest 4glte network. others, because of our reputation for reliability. or maybe it's because we've received jd power and associates' customer service award 4x in a row. in the end, there are countless reasons. but one choi. tens of thousands of dollars in hidden fees on their 401(k)s?! go to e-trade and roll over your old 401(k)s to a new e-trade retirement account. none of them charge annual fees an

they didn't have one like ben bernanke did. >> so why worry about this market, then? >> exactly.t it? the central banks have been backstopped throughout the world, is the way to look at it. it's a very dangerous mentality. i've always taught my kids, don't do what everybody else is doing. everybody else is investing in equities right now. that's not really a good indicator. >> then, where else, then? given the level of rate, where else are you going to go? >> that's the alternative. that's the alternative. so you buy the companies you understand, hopefully they have a dividend, and even a 2% dividend may seem ridiculous to equity investors, to the rest of the world, that's a very good payout. >> i'm going to get ready for benm benmosche, top of the hours. >> tomorrow we get the jobs number for last month. nobody's got very high expectations for that right now. >> yeah, especially after the adp number. my preference is the adp number. i think the correlation takes a little bit of time to work its way out. but from the private sector and not having to worry about how the bls -- >>

ben bernanke or the bull market? that's what was on my mind when the markets soared on positive remarks from ben bernanke t. dow up 150 points only to sell off violently from-month-old negative dments released by the fed later this afternoon. the dow closing down 80 points. s&p falling .83%. no, nasdaq diving 1.11%. >> the house of pain! >> yeah, it was one confusing day as bernanke's fresh comments in front of commerce. he continues to leave interest rates low the economy is still in a funk. we are then slumped by the release of old fed minutes that questioned the need for the bond buying program. the confusion over what the fed will ultimately do? grant a lot of selling. you get me wondering, wondering if the minutes were released first and the testimony given after, would we have closed up today instead of down? more important, though, the conflicting statements potentially because the stuff seems to design than obsvuskate than clarify a chicken and egg problem. how much does bernanke matter to the bull if he stop

across the board down liz: the tape is looking ed this morning and i've got to say stuart: it's ben bernanke ben. he suggests he's going to take a look at how much he's going to print. down goes the market liz: i think that ben bernanke is test driving the statements to see how the market reacts. stuart: he's playing with fire doing that. the dow is only down 30 points, but 27 of 30 stocks down. nicole, come in, please because i'm looking at hewlett-packard, a dow stock, a big winner. tell me why. nicole: right, they're working hard to turn around hewlett-packard and it's up 8 1/2%. one of the two names on the dow trying to squeeze out gains. this is a big one, actually. and though they came out with numbers, the big news here is that earnings did pop, and did some serious cost cutting and more job layoffs and meg whitman continues with the big turn around plan. it was the biggest loser last year, but this year up about 50%. stuart: nicole, thank you very much indeed. the dow is i say only down 44 points. we were expecting 100 point drop by now, not happened thus far, 43 down. now, let's bri

ben bernanke is the man of central banking the central planning causing natural disasters there's of course the cost of doing what companies like exxon do on never reflected on the true income statement or balance sheet of the companies other free to commit economic jihad and environmental jihad. and of course when. you know the part of the great leap forward with the collectivization of the agricultural land said you weren't allowed to own private property so private farming was prohibited in those engaged in it were labelled as counter-revolutionaries and persecuted in the same day and age today when you try to protect yourself by buying gold for example to protect yourself from the ravages of collectivization of monetary policy because let's face it they're working together the fed is working with the e.c.b. work with the bank of japan which work with the bank of israel working with the bank of australia and canada to collectivize monetary policy around the world at their collectivizing monetary policy and then they're asking for individuals to sacrifice like the cypriot they have